Sun Hung Kai Properties wins auction for $1.2 bln site in Hong Kong

HONG KONG Aug 6 Sun Hung Kai Properties Ltd , Asia's largest property developer by market value, is to buy a residential and commercial site in Hong Kong for HK$9.32 billion ($1.2 billion), MTR Corp Ltd, the transportation company selling the land, said on Thursday.

A division of Sun Hung Kai Properties outbid five other Hong Kong developers, including Cheung Kong Property Holdings Ltd and New World Development Company Ltd. The deal means Sun Hung Kai will be able to build residential and commercial buildings on the 39,100 square metre site in the Yuen Long are...